Question

Sandeep, Kuldeep and Mandeep were partners. They decided to dissolve their firm. Journalise for the following

assuming that all the relevant assets and liabilities have already been transferred to realisation account:

a. There was stock of Rs.90,000. Sandeep took over 50% of the stock at 10% discount; Kuldeep took over 30% of the

remaining stock booking 20% profit to himself for cash and balance was sold as scrap at 10% of its value.

b. P & L A/c showed a favourable balance of Rs.15,000.

c. A machine which was discarded but fetched Rs.2,000 as against expected value of Rs.500.

d. Land and building was sold for Rs.3,00,000 through a broker who charged 2% commission.

e. Mandeep was paid Rs.5,000 in full settlement of his loan to the firm of Rs.5,500.

f. Realisation expenses were to be borne by Sandeep but were paid by the firm Rs.5,000. He was compensated for the same

up to Rs.3,000. Actually, he was entitled to a commission of Rs.5,000(including the reimbursement).

g. There were 500 shares (of Rs. 10 each) of Alpha Ltd. acquired at Rs.12 each appears in the books at a value of Rs.9 each

at which they are now taken over by the creditors of Rs.7,000 and rest was paid to them in cash.

h. Loss on the event of dissolution of the firm while settling the assets and liabilities amounted to Rs.2,25,000.​

Answer 1

Answer:

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Explanation:

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